Tax Free Savings Account (TFSA) Contributions 2023

Tax-Free Savings Account (TFSA) Contributions
As of January 1, 2024, the Tax-Free Savings Account (TFSA) annual contribution limit is $7,000.

TFSA Dollar Limits:

2009: $5,000
2010: $5,000
2011: $5,000
2012: $5,000
2013: $5,500
2014: $5,500
2015: $10,000
2016: $5,500

2017: $5,500
2018: $5,500
2019: $6,000
2020: $6,000
2021: $6,000
2022: $6,000
2023: $6,500
2024: $7,000

Click here to access more information on the TFSA at Revenue Canada

The TFSA has become a great place to grow your savings, as well as excess retirement earnings. All interest, dividends and capital gains collected within your TFSA account are tax-free. Unlike the RRSP/RRIF, you may continue to contribute to your TFSA even if you are drawing on your Registered Retirement Income Fund (RRIF). If you need to withdraw funds from your TFSA, you may contribute any past withdrawals in the following calendar year. Last, any unused TFSA contribution room is carried forward to future years. If you have any questions, please contact us for more details.

Please note Revenue Canada makes regular changes and updates to Canada's tax laws and benefits.

Always consult with a tax professional and/or refer to your Revenue Canada Notice of Assessment regarding the latest updates on your TFSA & Registered account contribution limits and withdrawals, as well as changes to tax benefits.

If you have further questions and do not have access to a tax professional,
we can schedule a private meeting with a Chartered Professional Accountant (CPA) at your convenience.

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James M. Di Cenzo FCSI® Portfolio Manager CIM® | Senior Investment Advisor | Telephone: 905-336-1364 or Toll Free: 866-336-1364
Email: [email protected]

Burlington Main Office: 1001 Champlain Ave, Suite 201, Burlington, ON L7L 5Z4
Toronto Office: 26 Wellington St E, Suite 900, Toronto, ON M5E 1S2

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TFSA Contributions